8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 18, 2010

California Coastal Communities, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-17189	02-0426634
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6 Executive Circle, Suite 250, Irvine, California	92614
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (949) 250-7700

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

On June 21, 2010 the Registrant issued a press release announcing that, on June 18, it received the approval of the United States Bankruptcy Court for the Central District of California for the previously announced financing commitment from an investor in the amount of $184 million to refinance the registrant’s Brightwater development project debt and pay related costs.  The commitment is subject to a $6.44 million breakup fee, which represents 3.5% of the committed financing, in the event the Registrant decides to secure bankruptcy-exit financing from a different lender or seeks court approval of a Chapter 11 plan other than the one the investor has currently committed to finance. The commitment is also conditioned upon the negotiation of definitive documentation and, if successfully documented, the refinanced Brightwater debt will facilitate the Registrant’s exit from its current Chapter 11 bankruptcy proceedings.

A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.            Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Exhibit Description
99.1	Press Release dated June 21, 2010

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 22, 2010	California Coastal Communities, Inc.
	By:	/s/ RAYMOND J. PACINI
		Raymond J. Pacini
		Chief Executive Officer

2

EX-99.1

Exhibit 99.1

NEWS RELEASE

Contacts:	Raymond J. Pacini
	Chief Executive Officer
	California Coastal Communities, Inc.
	(949) 250-7781

CALIFORNIA COASTAL COMMUNITIES OBTAINS COURT APPROVAL OF $184 MILLION EXIT FINANCING

IRVINE, California, June 21, 2010 — California Coastal Communities, Inc. (OTCQB: CALCQ) announced that on June 18, 2010 it obtained approval from the United States Bankruptcy Court for the Central District of California of a previously announced $184 million commitment to refinance its Brightwater development project debt. The commitment remains subject to the successful negotiation and execution of definitive loan documents and the Court’s approval of the Company’s plan of reorganization in order for it to exit bankruptcy.

In connection with the commitment, the Company will amend its plan of reorganization to provide for the repayment of the existing indebtedness in cash upon the effective date of the plan.  The Chapter 11 petitions, which were filed by the Company and certain of its direct and indirect wholly-owned subsidiaries on October 27, 2009, are being jointly administered under the caption In re California Coastal Communities, Inc., Case No. 09-21712-TA.  There can be no assurance that the refinancing will be completed or that the Company will exit bankruptcy without further delay.

The Company is a residential land development and homebuilding company operating in Southern California.  The Company’s principal subsidiaries are Hearthside Homes which is a homebuilding company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community.  Hearthside Homes has delivered over 2,300 homes to families throughout Southern California since its formation in 1994.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain of the foregoing information contains forward-looking statements that relate to future events or the Company’s future financial performance.  These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “hopes” or the negative of such terms or other comparable terminology.  These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, goals, expectations and intentions with respect to the bankruptcy proceedings and the financing commitment, the number and types of homes that the Company may develop and sell, the timing and outcomes of court proceedings, lender negotiations, and other statements contained herein that are not historical facts.